Navios Maritime Partners (NMM) Misses Q1 EPS by $1.11, Revenues Miss

Navios Maritime Partners (NYSE: NMM) reported Q1 EPS of ($0.35), $1.11 worse than the analyst estimate of $0.76. Revenue for the quarter came in at $46.5 million versus the consensus estimate of $54.02 million.

Angeliki Frangou, Chairman and Chief Executive Officer of Navios Partners stated, “While the humanitarian crises caused by the Pandemic has been heartbreaking, we have also been strengthened by the courage and compassion of the first responders, particularly the many dedicated health care workers. At any given time, our vessels carry over 1,000 people. Keeping these people safe and these vessels moving in and out of quarantined countries, with ever-changing rules and challenges, requires the immediate input of many disciplines. I am proud of the members of the Navios family as they have shown admirable resilience during this unprecedented time of uncertainty, and we have taken the necessary measures to ensure safety of our people while keeping our fleet functioning.”

Angeliki Frangou continued, “I am pleased with the results for the first quarter of 2020. For the first quarter, Navios Partners reported $46.5 million in revenue and $19.1 million in Adjusted EBITDA. We also declared a quarterly distribution of $0.30 cents per unit. The pandemic’s effect on global economic activity is evident in charter rates. So far this year, the capesize 5TC rate is averaging around $5,300 per day, which is 70% less than the 2019 average of $18,000. We are, however, expecting a recovery in the second half of 2020 as countries emerge from quarantine.”

For earnings history and earnings-related data on Navios Maritime Partners (NMM) click here.

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